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TMI Blog2024 (7) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... s such have been passed towards the winding up of the company. In other words, given the prevailing facts and circumstances, it is but evident that no irreversible steps have been taken pursuant to the winding up of the respondent company. Hence, the instant petitions is transferred to the NCLT. It is left to the NCLT to consider the matter and pass appropriate orders in accordance with law - The electronic record of the instant petition be transmitted to the NCLT within a period of one week by the Registry. List before the NCLT on 04.07.2024 - Petition disposed off. X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. On a perusal of the record, and as per the submissions made, it is borne out that the petition was admitted vide order of this Court dated 24.07.2017 whereby the Official Liquidator attached with this Court was appointed as the Provisional Liquidator and it was further directed that relevant citations be published in newspapers as provided for under the Companies (Court) Rules, 1959. However, the said directions were deferred, and the respondent was afforded a last opportunity to make good the amount found due and payable. Such opportunity was granted on the basis of a settlement arrived at between the parties in proceedings related to two criminal complaints filed against the respondent company under Section 138 of the Negotiable Instru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be transferred to the National Company Law Tribunal NCLT. 9. In this regard, it is but necessary to consider Section 434 of the Companies Act, 2013 which provides for the transfer of proceedings relating to winding up, pending before High Courts, to the NCLT, and reads as under : 434. Transfer of certain pending proceedings. (1) On such date as may be notified by the Central Government in this behalf,-- (a) all matters, proceedings or cases pending before the Board of Company Law Administration (herein in this section referred to as the Company Law Board) constituted under sub-section (1) of section 10E of the Companies Act, 1956 (1 of 1956), immediately before such date shall stand transferred to the Tribunal and the Tribunal shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r than the cases relating to winding-up of companies that are reserved for orders for allowing or otherwise such proceedings; or (ii) the proceedings relating to winding-up of companies which have not been transferred from the High Courts; shall be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959 : [Provided also that proceedings relating to cases of voluntary winding up of a company where notice of the resolution by advertisement has been given under sub-section (1) of section 485 of the Companies Act, 1956 but the company has not been dissolved before the 1st April, 2017 shall continue to be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not been served in terms of Rule 26 of the Companies (Court) Rules, 1959 at a preadmission stage, given the beneficial result of the application of the Code, such winding up proceeding is compulsorily transferable to the NCLT to be resolved under the Code. Even post issue of notice and pre admission, the same result would ensue. However, post admission of a winding up petition and after the assets of the company sought to be wound up become in custodia legis and are taken over by the Company Liquidator, section 290 of the Companies Act, 2013 would indicate that the Company Liquidator may carry on the business of the company, so far as may be necessary, for the beneficial winding up of the company, and may even sell the company as a going ..... X X X X Extracts X X X X X X X X Extracts X X X X
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